Obama Hints Bernanke’s Time as Fed Head Nears End

by Christopher Freeburn | June 18, 2013 10:20 am

bernanke 630 300x300 Obama Hints Bernankes Time as Fed Head Nears End[1]In an interview with Charlie Rose that aired on Monday, President Barack Obama signaled that he may soon appoint a new Federal Reserve chairman[2].

The term of current Fed Chairman Ben Bernanke expires next year. Obama praised Bernanke for “outstanding” performance during his time at the Fed, but note that the chairman has been on the job “longer than he wanted,” Bloomberg noted.

Bernanke became Fed Chairman under former President George W. Bush. He steered the nation’s financial policy through the mortgage crisis and massive federal bailouts that rescued struggling banks, insurers and General Motors (GM[3]).

Obama requested that Bernanke remain on the job for a second term, which started in 2010. However, opposition to the bailouts resulted in his receiving a narrow 70-30 confirmation vote in the Senate.

The White House has declined any comment on possible successors for Bernanke.

The opinions contained in this column are solely those of the writer.

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Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/06/bernanke_630.jpg
  2. may soon appoint a new Federal Reserve chairman: http://www.bloomberg.com/news/2013-06-18/obama-says-bernanke-fed-term-lasting-longer-than-he-wanted-1-.html
  3. GM: http://studio-5.financialcontent.com/investplace/quote?Symbol=GM

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